Twitter follows the lead of other social networks and bans cryptocurrency related ads

Many social networks and even Google, the king of ads, have already banned cryptocurrency ads for various reasons. Michael Allison's article about Facebook banning the ads states the reason behind the ban as a deterrent of possible fraud and deception of users of their website.

Twitter plans to ban some cryptocurrency ads on the website within the next 30 days. This comes soon after CEO Jack Dorsey stated in an interview he believes that Bitcoin will become the "single currency" of the world within the next 10 years.

Twitter has confirmed to The Verge that the social network will ban ads that regard cryptocurrencies whether it be for cryptocurrency token sales or Initial Coin Offerings, a crowd-sale where startups will sell investors digital currency in exchange for funds to help back their cryptocurrency.

The Twitter ban will also ban ads for cryptocurrency exchanges, a place where virtual currencies can be bought, sold and exchanged. This was reported by the Financial Times, this follows the lead of Google and Facebook, who banned cryptocurrency services that aren't necessarily scams, but are just associated with the industry.

Now that Twitter has joined the various social networks in banning the ads for the cryptocurrency industry, it will be interesting to see how this will take an effect towards the prices for some of the cryptocurrencies already on the market. It will be even more interesting to see if there will be different levels of effect on coins that are very well known such as Bitcoin and the ones that aren't so well known.

How do you feel about the ban on ads related to the cryptocurrency industry? Let us know down in the comments.

Nihaal Manesia

Nihaal Manesia is a writer for ModMy. He’s a computer science student who you can probably find in obscure locations trying to get a really cool shot for a photo that will never make it past his desktop. You can find him on Twitter here